The Saudi Central Bank (SAMA) has officially approved Lean Technologies and New Technology for Software Solutions (NTS) to operate open banking services across the Kingdom. The regulatory approval allows both financial technology platforms to deploy payment and account information services, marking another step forward for the local fintech ecosystem.
Quick Facts
- SAMA licensed Lean Technologies and NTS for open banking.
- Both companies successfully exited the regulatory sandbox phase.
- Move aims to boost Saudi financial inclusion and efficiency.
Graduating from the Regulatory Sandbox
Before receiving full operational licenses, both Lean Technologies and NTS underwent testing within SAMA’s regulatory sandbox. This controlled environment allows fintech startups to test their software and business models alongside the central bank to ensure compliance, security, and operational resilience.
By completing this phase, the two companies proved their infrastructure meets the strict security standards required to handle sensitive financial data and facilitate direct bank-to-bank transactions without exposing users to unnecessary risk.
Expanding Open Banking in Saudi Arabia
The integration of open banking is a core component of Saudi Arabia’s broader financial sector strategy. By allowing third-party developers to build applications and services around existing banking infrastructure, the central bank aims to drive competition and improve consumer options.
For businesses and consumers, the approval of these two platforms translates to better payment flexibility and easier access to unified account information. SAMA noted that these licenses are specifically designed to support broader financial inclusion and streamline digital transactions across the country.
In its announcement, the central bank also reiterated the importance of consumer protection. Regulators advised users to only engage with authorized financial institutions listed directly on the SAMA portal to maintain high data security standards.
About Lean Technologies and NTS
Lean Technologies is a prominent fintech infrastructure platform operating in the Middle East, providing APIs that connect businesses to bank accounts for fast data retrieval and direct payments. New Technology for Software Solutions (NTS) focuses on building specialized financial software and payment architecture for the Saudi market. Together, these companies provide the technical rails required for businesses to deploy scalable open banking capabilities.
Source: EntArabi
